International


The International Accounting Standards Board (IASB) proposed an interim standard that would allow entities to preserve their existing accounting policies for rate-regulated activities—with some modifications to enhance comparability—while the board considers whether it should develop specific guidance.

Feedback from the IASB’s agenda consultation led the board to launch a project to consider whether it should develop specific guidance for rate-regulated activities. The board also is trying to determine what information financial statement users would need about the consequences of rate regulation if specific guidance is developed.

Industry sectors such as transportation and utilities are subject to rate regulation in many jurisdictions, and rate regulation can significantly affect the timing and amount of an entity’s revenue. But existing IFRS does not provide specific guidance for rate-regulated activities.

The exposure draft for the proposed interim standard, Regulatory Deferral Accounts, seeks comments by Sept. 4 and is available at tinyurl.com/bqrhrg3.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out